Successful Fundraising

RNS Number : 9700N

APQ Global Limited

15 August 2017

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA.

APQ Global Limited ("APQ" or the "Company")

Successful Fundraising

Conditional placing of £20.09 million of 3.5 per cent. convertible unsecured loan stock 2024 (the "Placing") at £5,000 per £5,000 nominal and Notice of Extraordinary General Meeting

APQ, the emerging markets income company incorporated in Guernsey  which is listed on The International Stock Exchange Limited and admitted to trading on AIM is pleased to announce that further to the announcements of 13 June and 15 June 2017, it has successfully raised £20,090,000 through the conditional issue of 3.5 per cent. convertible unsecured loan stock 2024 ("CULS") in denominations of £5,000 each and integral multiples of £5,000 in excess thereof.

Subject to the passing of the necessary resolution at the Company's extraordinary general meeting to be held on 4 September 2017 (the "Extraordinary General Meeting"), the CULS will be listed and admitted to trading on the International Securities Market of the London Stock Exchange plc on 5 September 2017 ("Admission").

The interest rate on the CULS will be 3.5 per cent. per annum, payable quarterly in arrear on 31 March, 30 June, 30 September and 31 December in each year, with the first interest payment due in early January 2018 for the period from Admission to 31 December 2017.

Holders of the CULS will be entitled to convert their CULS into Ordinary Shares on a quarterly basis throughout the life of the CULS, commencing 31 December 2017, and all outstanding CULS will be repayable at par (plus any accrued interest) on 30 September 2024. The initial conversion price is 105.358 pence, being a 10 per cent. premium to the unaudited Book Value per Ordinary Share on 31 July 2017.

The Directors intend to apply the net proceeds of the Placing for general corporate purposes in line with the Company's business strategy.

Old Mutual Global Investors, a substantial shareholder in the Company as defined by the AIM Rules for Companies (the "AIM Rules") is investing £4.0 million in the Placing.  Old Mutual Global Investors' participation in the Placing is deemed to be a related party transaction under the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, N+1 Singer, that the terms of Old Mutual Global Investors' participation in the Placing is fair and reasonable insofar as the Company's ordinary shareholders are concerned.

The Company also announces that admission particulars containing full details of the Placing ("Admission Particulars") will be posted today. These Admission Particulars also contain notice of the Extraordinary General Meeting of ordinary shareholders which is being convened for the purpose of considering the resolution required in connection with the Placing in addition to further resolutions required in connection with the possible future issue of new ordinary shares. The Extraordinary General Meeting will be held at 1st Floor, Tudor House, Le Bordage, St Peter Port, Guernsey GY1 1DB at 11.00 a.m. on 4 September 2017.

A copy of the Admission Particulars will shortly be available online at http://apqglobal.com/

N +1 Singer is acting as placing agent, nominated adviser and broker to the Company.

Enquiries:

APQ Global Limited Bart Turtelboom - Chief Executive Officer	020 3478 9708
N+1 Singer - Nominated Adviser and Broker James Maxwell / Lauren Kettle / Alex Laughton-Scott	020 7496 3000
Carey Group - TISE sponsor Matt Sarl	01481 737 279
Buchanan Communication - Financial PR Charles Ryland / Victoria Hayns	020 7466 5000

Expected Timetable

Admission Particulars and Forms of Proxy despatched	15 August 2017
Latest time and date for receipt of Forms of Proxy for use at the Extraordinary General Meeting	11.00 a.m. on 31 August 2017
Extraordinary General Meeting	11.00 a.m. on 4 September 2017
Admission and commencement of dealings in CULS on the London Stock Exchange's International Securities Market	8.00 a.m. on 5 September 2017
CREST stock accounts credited with CULS issued in uncertificated form	5 September 2017
Definitive certificates for CULS issued in certificated form	within 10 Business Days of Admission

TIDM and ISIN of the CULS

TIDM: APQ1

ISIN: GG00BF7PL093

Notes to Editors

APQ Global Limited

APQ Global (ticker: APQ LN) is a global emerging markets income company with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa. The Company's objective is to steadily grow earnings to deliver attractive returns and capital growth to shareholders. This objective is achieved through a combination of revenue generating operating activities and investing in growing businesses across emerging markets. APQ Global run a well-diversified and liquid portfolio, take strategic stakes in selected businesses and plan to take operational control of companies through the acquisition of minority and majority stakes in companies with a focus on emerging markets.

For more information, please visit apqglobal.com.

 

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